Empowering Entrepreneurship through High-growth Firms: Insights from a Decade-long Bibliometric Analysis

In Italy, the debate on industrial development and economic growth incentives highlights several key themes. Family capitalism celebrated for its resilience, is simultaneously critiqued for curbing innovation and growth potential (Colli et al., 2003; González et al., 2012; Yanagisako, 2020); Medium-Sized Enterprises stand out for their competitiveness, yet their representation - only 0.5% of firms - limits their macroeconomic impact (OECD, 2012). Meanwhile, innovation, a cornerstone of sustainable growth, remains stifled by insufficient entrepreneurial support and inadequate public incentives. Finally, capital shortages perpetuate a systemic barrier to industrial expansion, further constraining the nation’s economic trajectory. Within this environment, High-Growth Firms (HGFs), or "Gazelles," exhibit exceptional competitiveness despite comprising just 0.2% of manufacturing and 0.4% of service firms in Italy. Defined as firms with over 10 employees and annual employment growth exceeding 20% for three consecutive years, HGFs have been extensively studied (Birch, 1981; Henrekson and Johansson, 2010) yet key growth drivers and the role of innovation ecosystems remain underexplored. To address this, a bibliometric analysis of 2012-2021 publications identified 283 highly cited articles, segmented into pre- and post-Industry 4.0/Horizon 2020 periods. Findings highlight three drivers of HGF competitiveness: technology investment for productivity, knowledge networks via open innovation, reskilling initiatives for human capital. Industry 4.0 technologies have expanded expertise access, reduced market entry barriers, and emphasized circular economy practices, fostering ambidextrous growth. To sustain HGFs, industrial policies must adapt and expand to meet innovation demands, leveraging these insights to replicate success across evolving economic landscapes.

In Italy, the debate on industrial development and economic growth incentives highlights several key themes. Family capitalism celebrated for its resilience, is simultaneously critiqued for curbing innovation and growth potential (Colli et al., 2003; González et al., 2012; Yanagisako, 2020); Medium-Sized Enterprises stand out for their competitiveness, yet their representation ‒ only 0.5% of firms ‒ limits their macroeconomic impact (OECD, 2012). Meanwhile, innovation, a cornerstone of sustainable growth, remains stifled by insufficient entrepreneurial support and inadequate public incentives. Finally, capital shortages perpetuate a systemic barrier to industrial expansion, further constraining the nation’s economic trajectory. Within this environment, High-Growth Firms (HGFs), or "Gazelles," exhibit exceptional competitiveness despite comprising just 0.2% of manufacturing and 0.4% of service firms in Italy. Defined as firms with over 10 employees and annual employment growth exceeding 20% for three consecutive years, HGFs have been extensively studied (Birch, 1981; Henrekson and Johansson, 2010) yet key growth drivers and the role of innovation ecosystems remain underexplored. To address this, a bibliometric analysis of 2012-2021 publications identified 283 highly cited articles, segmented into pre- and post-Industry 4.0/Horizon 2020 periods. Findings highlight three drivers of HGF competitiveness: technology investment for productivity, knowledge networks via open innovation, reskilling initiatives for human capital. Industry 4.0 technologies have expanded expertise access, reduced market entry barriers, and emphasized circular economy practices, fostering ambidextrous growth. To sustain HGFs, industrial policies must adapt and expand to meet innovation demands, leveraging these insights to replicate success across evolving economic landscapes.

Parole chiave:; High growth firms (HGFs); Industry 4.0; Knowledge networks; open innovation; Human capital

Francesco Ricotta, Mariacarmela Passarelli, Angelo Baccelloni, Empowering Entrepreneurship through High-growth Firms: Insights from a Decade-long Bibliometric Analysis in "CORPORATE GOVERNANCE AND RESEARCH & DEVELOPMENT STUDIES" 1/2025, pp 63-76, DOI: 10.3280/cgrds1-2025oa19169